Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.005%

Price spread now: Bullet against Bybit−0.164%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Bybit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 3 days (all we have)+0.479%+$48 · spread now −0.164%, 7d avg +0.050%

Together, before fees+0.496%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.214% cheaper against Bybit than usual: you would sell low and buy high (spread −0.164% now, against its 7-day average of +0.050%). If the spread goes back, that is −$21 on $10k: about 26 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.401	0.0020	pay 0.0020% / 8h	1h 06m	$323.6M	$282.3M	75x
Short	Bullet HYPE-USD	93.248	0.0047	get 0.0006% / 1h	6m 42s	$111K	$577K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee BulletbpOrdersPrice spread, now −0.164%Rate

Funding earned: $5.66
Price spread: −0.164% → +0.050%: −$21.35
Slippage, 4 orders: −$8.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$42.99
Costs to cover: 0.273%
Break-even: 60.2 days

Slippage from Bybit: live order book, 7 min ago; Bullet: live order book, 12 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 7 min ago	0.54 bp	6.0 bp −$6	7.9 bp −$79	17.1 bp −$1,709	78.6 bp −$39.3K
Sell Bullet live order book, 12 min ago	0.22 bp	4.6 bp −$5	7.9 bp −$79	doesn't fit	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps HYPEUSD	−0.0476%	1h	93.219	−0.195%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	93.255	−0.156%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.355	−0.049%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	93.160	−0.258%	$699K	$894K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.192	−0.224%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.269	−0.141%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.390	−0.012%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.246	−0.166%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.346	−0.058%	$8.9M	$35.7M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.272	−0.139%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.241	−0.171%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.253	−0.158%	$176K	$524K	20x	as long as short
Bybit HYPEUSDTlong	+0.0020%	8h	93.401	long leg	$323.6M	$282.3M	75x
Phoenix HYPE	+0.0034%	1h	93.306	−0.102%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USDshort	+0.0047%	1h	93.248	−0.164%	$111K	$577K	20x
Gate HYPE_USDT	+0.0058%	4h	93.356	−0.048%	$44.1M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.432	+0.033%	$90.3M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.425	+0.026%	$383.4M	$887.1M	75x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.213	−0.201%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.162%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.455	+0.058%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.421	+0.021%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.250	−0.161%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.417	+0.018%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.151%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.193	−0.222%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.401	0.000%	$2.03B	$661.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.431	+0.032%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.410	+0.010%	$114.2M	$312.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.392	−0.010%	$47.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.433	+0.034%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.415	+0.015%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.331	−0.075%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.202%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.090%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	−0.105%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.252	−0.160%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.276	−0.134%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.261	−0.150%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	−0.156%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	−0.140%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.255	−0.156%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.234	−0.179%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.130%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.336	−0.069%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.272	−0.138%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.280	−0.130%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.369	−0.034%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.138%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0243%	4h	93.225	−0.188%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.245	−0.167%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.477	+0.082%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.271	−0.139%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.352	−0.052%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.387	−0.015%	$20.9M	$28.9M	50x	as long as short